DoorDash Inc. reported third‑quarter 2025 results that included a revenue increase of 27% to $3.44 billion, surpassing the consensus estimate of $3.35 billion by $0.09 billion. Earnings per share fell to $0.55, missing the $0.68–$0.69 consensus by $0.13–$0.14, a shortfall of roughly 19%. The revenue beat was driven by a 30% jump in U.S. restaurant sales, a 15% rise in advertising revenue, and record international unit economics that offset a modest decline in U.S. marketplace volume.
The company’s net revenue margin expanded to 13.8% from 13.5% in the same quarter last year, reflecting stronger pricing in advertising and improved cost efficiency in the international segment. However, the margin gain was partially offset by increased spending on a new global technology platform, autonomous delivery initiatives, and the integration of Deliveroo’s operations, which raised operating costs in the quarter.
The EPS miss can be attributed to the accelerated investment in technology and autonomous delivery, which increased capital and operating expenses. Management noted that the company is allocating “several hundred million dollars” more in 2026 than in 2025 to build a single global tech stack and commercialize autonomous vehicles. These investments, while expected to drive long‑term growth, have compressed earnings in the short term.
For the fourth quarter, DoorDash guided for adjusted EBITDA of $710 million to $810 million, with a midpoint of $760 million—below the consensus range of $806–$822 million. The company also projected a $45 million contribution to EBITDA from Deliveroo in Q4. CEO Tony Xu said the focus for 2026 would be “building a new global tech platform, accelerating new product development, and scaling autonomous delivery.” CFO Ravi Inukonda added that, “the EBITDA margin for the existing business, excluding Deliveroo, is expected to be slightly higher in 2026 than in 2025.”
The Q3 results come after DoorDash’s October 2025 acquisition of Deliveroo for $3.9 billion, which expands its international footprint and adds a new revenue stream. The company’s strategy to make its platform AI‑native and to offer same‑hour delivery through DashMart Fulfillment Services signals a push toward higher‑margin, technology‑driven services. While the quarter’s earnings miss reflects near‑term investment costs, the revenue growth and margin expansion suggest that the company’s long‑term growth engine remains strong.
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